If not already created, create a wiki page (like this one using this
scheme: Release/M.m.r/Notes), summarizing changes from the previous
release (extracted from the revision log).

That file should include new features, changed features, and
deprecated features if any. Changes to the official documentation
should be specifically noted along with other items that will cause
breaking changes during upgrades.

Read the documentation and remove outdated parts.

Create release candidate as .zip and .tar.bz2 then add them on this
page (by editing this
wiki page)

Cut a release candidate once you think that everything is in
order. Announce the release candidate for review for at least 1
week. In this period of time, it is also appropriate for you to
deploy in production since you are asserting that it is stable and
(significant) bug free. Publish a specific revision with this.

If significant bugs are reported, fix and cut a new release
candidate. If no major bugs, then announce that the release
candidate has officially been promoted to the official release (if
you want, you can do this with a motion and support of the PSC).